Home Unit Leads Gains at EDC
by Staff -- Publishers Weekly, 1/7/2002
A 22.5% jump in sales in its home business division drove total revenues up 14.5% to $6 million at Educational Development Corp. for the third quarter ended November 30, 2001. Net income for the quarter rose 27%, to $485,000.
Revenues in the home business division hit $4.5 million in the quarter, as EDC continued to benefit from the addition of new sales consultants to its home-show unit. Sales in the publishing division fell 3.8%, to $1.5 million, primarily due to the closing of two Ingram warehouses that cut purchases from the wholesaler by 45%. EDC also noted that, except for the impact on the entire economy, EDC did not experience any material effect from the attacks of September 11.
For the nine-month period, revenues were up 14.4%, to $15.9 million, and net income increased 26.5%, to $1.3 million. Sales in the home business division rose 29.4%, to $10.2 million, while publishing division sales were down 5.3%, to $5.7 million.
